Terms Used In Maine Revised Statutes > Title 24-A > Chapter 79 - Risk-Based Capital Standards

• Adjusted risk-based capital report: means a risk-based capital report that has been adjusted by the superintendent in accordance with section 6452, subsection 3. See Maine Revised Statutes Title 24-A Sec. 6451
• Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized control level risk-based capital: means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions; and [PL 1993, c. See Maine Revised Statutes Title 24-A Sec. 6451
• Board: means the Board of Directors of the Maine Health Data Organization established pursuant to section 8703. See Maine Revised Statutes Title 22 Sec. 8702
• Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22-A Sec. 101
• Company action level risk-based capital: means , with respect to any insurer, the product of 2. See Maine Revised Statutes Title 24-A Sec. 6451
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corrective order: means an order issued by the superintendent specifying corrective actions that the superintendent has determined are required. See Maine Revised Statutes Title 24-A Sec. 6451
• Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22-A Sec. 101
• Domestic insurer: means any insurance company domiciled in this State. See Maine Revised Statutes Title 24-A Sec. 6451
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• federal Affordable Care Act: means the federal Patient Protection and Affordable Care Act, Public Law 111-148, as amended by the federal Health Care and Education Reconciliation Act of 2010, Public Law 111-152, and any amendments to or regulations or guidance issued under those acts. See Maine Revised Statutes Title 24-A Sec. 14
• Foreign insurer: means any insurance company that is authorized to do business in this State under section 404 but is not domiciled in this State. See Maine Revised Statutes Title 24-A Sec. 6451
• health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life or health insurer: means any insurance company described in section 409, subsection 3 and authorized to do business in this State under section 410, or a licensed property and casualty insurer writing only accident and health insurance. See Maine Revised Statutes Title 24-A Sec. 6451
• Mandatory control level risk-based capital: means the product of . See Maine Revised Statutes Title 24-A Sec. 6451
• Manufacturer: means an entity that manufactures or repackages, and sets the wholesale acquisition cost for, prescription drugs that are distributed in the State. See Maine Revised Statutes Title 22 Sec. 8731
• Negative trend: means :